BlackBerry to sell its Canadian real estate, lease back some of it to continue operations

BlackBerry to sell its Canadian real estate, lease back some of it to continue operations
BlackBerry announced that Spear Street Capital, LLC has agreed to purchase the phone-maker's Canadian real estate properties for US $278 million (equal to Canadian $305 million). Under these terms, BlackBerry will sell more than 3 million square feet of space, including 19 buildings and vacant lands, while leasing back a portion of said property to further its operations. "The company continues to have a strong presence in Canada, with Waterloo continuing as the home of its global headquarters." - reads the statement. The deal is expected to close during May, with 80% of the holdings being fulfilled by the end of May. The other 20% will dealt with by the end of the third quarter.

Hopefully the financial injection and shedding of unneeded property maintenance and owning costs will help BlackBerry land back on its feet. The company might be keeping a bit quiet lately, but CEO John Chen is taking its turnover to heart and isn't keeping still when it comes to delivering cost-cutting measures.

Just to put news into perspective, look at these cutouts from a BlackBerry investment brochure, which details and locates all the property that's to be sold off. As you'll see for yourself, It's quite a bit of architecture.



source: BlackBerry

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16 Comments

1. xperiaDROID

Posts: 5629; Member since: Mar 08, 2013

I think they're just selling the properties to keep some money in their pocket just in case of financial problems, there's nothing wrong with that. BB is still here to stay. Now, where the heck is their upcoming flagship Z50? At least leak some pictures of it. If you're playing sneaky surprise games with us, then you better surprise us when you unveil the flagship, BB.

2. Nikolas.Oliver

Posts: 1574; Member since: Jul 01, 2012

another nail in the coffin for blackberry

4. tatail

Posts: 261; Member since: Jan 08, 2010

Keep up the good work, didn't know you work at the cemetery.

6. DigitalJedi_X

Posts: 202; Member since: Apr 27, 2014

And another troll remark from you. You really have no life. BB is here to stay. Deal with already.

7. thealphageek1

Posts: 942; Member since: Feb 02, 2013

In your dreams, Nikolas. This is OLD news. Only the price wasn't disclosed until recently. But this time next year, as you and agreed, will be the nail in the coffin for all of your negative BS towards BlackBerry.

10. thealphageek1

Posts: 942; Member since: Feb 02, 2013

BlackBerry is strongly against leaks now, so I doubt you'll see one. Also, I'm not sure what this flagship Z50 is that you keep asking for. I know there's the Q20 flagship coming out later this year. I will check around. BlackBerry is not going to release any information on any other flagship until they're good and ready. And it would be better if they didn't release any info until it's really close to the time it's supposed to be released.

3. AJagtiani

Posts: 466; Member since: Apr 24, 2014

R.I.P BlackBerry. A legendary company.

8. thealphageek1

Posts: 942; Member since: Feb 02, 2013

BlackBerry isn't going anywhere. You should RIP your trolling of BlackBerry articles.

5. KillerKeyboard

Posts: 372; Member since: Nov 21, 2013

A Californian company buying BB facilities... hmm...

9. thealphageek1

Posts: 942; Member since: Feb 02, 2013

This is OLD news, PhoneArena. Only the pricing wasn't disclosed. More troll bait from PhoneArena. Please, don't feed the trolls.

11. apiskula

Posts: 578; Member since: Jan 25, 2013

Blackberry just sell of all your assets already. You might be able to get 10 dollars for your entire company. Get lost already

12. thealphageek1

Posts: 942; Member since: Feb 02, 2013

You get lost already. You're rhetoric is so old and lame now. Find a new hobby. You're boring the lot of us now.

14. apiskula

Posts: 578; Member since: Jan 25, 2013

You are boring. Your the only one who believes Blackberry is going to survive. They will not and the best thing they can do is liquidate the assets now

15. thealphageek1

Posts: 942; Member since: Feb 02, 2013

If I was the only one who thought that they still wouldn't have millions of customers worldwide. And you're the only boring one here, spewing the same tired old crap day in and day out. And for what? BlackBerry is still here and isn't going anywhere. You're wasting your time with your nonsense. Perhaps you should liquidate your brain since you haven't had an original thought in there in what seems to be forever. What a troll loser you are.

16. apiskula

Posts: 578; Member since: Jan 25, 2013

You must work for them. They are dying a slow death

13. thealphageek1

Posts: 942; Member since: Feb 02, 2013

And for anyone thinking that BlackBerry is going under for selling property, read this: http://seekingalpha.com/article/2192983-blackberry-demystified-5-think-like-a-bank-sell-real-estate?isDirectRoadblock=false&uprof=45

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